Value Creation and Appropriation following M&A: A Data Envelopment Analysis

Abstract : Mergers and acquisitions (M&A) are typically inspired by a desire for revenue growth and/or cost efficiency leading to an improvement in financial performance. Post-merger performance has received considerable research attention from scholars in finance and accounting, but the marketing dimension has remained largely unexplored. This research focuses on marketing efficiency as a measure of post-merger performance, and this is investigated via an empirical study of 20 M&A deals within the US commercial banking industry. Data Envelopment Analysis (DEA) is used to measure efficiency, employing two input and two output variables. The results demonstrate that M&A transactions do have a positive effect on the marketing efficiency of the combined firms, although the effect size is small.
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Mahabubur Rahman, Mary Lambkin, Dildar Hussain. Value Creation and Appropriation following M&A: A Data Envelopment Analysis. Journal of Business Research, Elsevier, 2016, 69, pp.5628 - 5635. ⟨10.1016/j.jbusres.2016.03.070⟩. ⟨hal-01477751⟩

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